MEDIA ADVISORY
SRP reports FY09 operating revenues of $2.8 billion
Results a reflection of slower growth and drop in energy sales
SRP reports total operating revenues of $2.8 billion for fiscal year 2009 (FY09), compared to $2.7 billion for fiscal year 2008.
While there was a slight increase in total operating revenues, the financial results reflect slower customer growth and lower customer usage. SRP experienced a decrease of 4.3 percent in retail energy sales to its customers in FY09, while wholesale energy revenues were 15.9 percent lower in 2009 than 2008.
Without the effects of fair value adjustments required by generally accepted accounting principles, SRP's combined net revenues for the fiscal year ended April 30, 2009, would have been $172.8 million compared with combined net revenues of $164.4 million the previous fiscal year. However, because the application of the previously stated fair value adjustments that require accounting for the lower value of gas and electric contracts used to lock in or "hedge" fuel costs and investment portfolios stocks and bonds, SRP reported a net loss for FY09 of $247 million compared with net revenues of $257.1 million for FY08.
As a not-for-profit public power utility, revenues earned by SRP are reinvested in the company to help keep electric prices low. Positive revenues help maintain SRP's high credit ratings and provide some of the capital necessary to fund the construction and maintenance of the electrical facilities necessary to provide reliable service.
SRP is the largest provider of electricity in the greater Phoenix metropolitan area, serving nearly 935,000 customers in Maricopa and Pinal counties.
